I think you have to take each song on a song by song basis.  I've been going through my favorites folder and trying to replace any tracks that are over 4 minutes with shorter versions, when it makes sense.  Sometimes when a long song has a single edit, the single edit is very chopped up or has abrupt starts/stops, etc.

So far in the 7 minute + range, these are the cases I found where I preferred the longer version of the song to the shorter single edit:


Who - Won't Get Fooled Again  - there's some butchered Greatest Hits versions I believe floating about
Don McLean - American Pie - shorter versions exist than the 8 minute album version, but they sacrifice lyrics
Joe Walsh - Life's Been Good - 4 minute version lacks the guitar solo in the middle
Barry White - Never, Never Gonna Give Ya Up - 8 minute version is better than 4,  the 4 has the intro cut and fades out too early.
Curtis Mayfield – (Don't Worry) If There's a Hell Below We're All Going to Go - Missing the spoken intro, abrupt start
Chicago - I'm a Man - rough intro, too short for 3:33 cut, 5:47 length cut is a "new edit"
Grandmaster Flash - Message - short version loses a ton of rap at the end about superman


Manfred Mann's Earth Band - Blinded By The Light - NOT SURE... this one I'm stuck on.  I think there's some lines cut, but they lyrics are kinda nonsensical anyways, so I have to listen with the lyrics in hand to see..

The Doors' "Light My Fire"... I much preferred the short (under 3 minute) mono single edit over the 7 minute opus that made it onto all the CD versions.  The stereo separation is distracting, much like other 60s stereo vs mono singles.  That's another discussion entirely though.

Chicago (or rather whoever was in charge of the razor blades at Columbia records) were experts at this, as almost every one of their early single releases was 'chopped' to satisfy radio stations in some way...

I gather The Eagles had a few of their songs 'snipped' too...most notably, 'Lyin' Eyes' which had a big chunk taken out of the middle, thereby spoiling the flow of the song...

Diana Ross's first big solo hit 'Ain't No Mountain High Enough' was originally issued as a six minute tour de force LP track...

Sadly, Motown saw fit to 'lose' half of it when issued as a single, wiping out a lot of its power...

Not so much the long ones, but one that springs to mind is 'The Reflex' by Duran Duran.  the single edit has the fade in with the cowbell.  The album version does not

And speaking of Duran Duran, the album version (on the original Harvest US release) of 'Hungry Like the Wolf' is the Night Version, and completely blows the single version away.

The single edit of 'Chance' by Big Country is longer than the album version, and much better.

The single version of 'Bizarre Love Triangle' is the Extended dance mix.  The shorter album version is bland